Life insurance sales slowing

SINGAPORE: Life insurance sales are growing at a slower pace in Singapore as consumers are taking less risk with their money amid the financial uncertainty. The Life Insurance Association said sales grew 18 per cent in the third quarter from a year ago. That is down from a growth rate of about 38 per cent in the first half. Still, the total number of new premiums rose 8.6 per cent from the previous quarter to S$523 million. The industry group said the fourth quarter is unlikely to match the heady growth recorded earlier in the year. Life Insurance Association president Tan Hak Leh said: "For the fourth quarter of this year, we expect the industry to grow at 15 to 20 per cent. "Going forward, given the protection gap that we are facing in Singapore, as well as the need to save for retirement, we would believe that the life insurance industry will continue to grow at a healt...